New limits on wagering loss deductions and the permanent removal of moving expense deductions under the OBBBA are reshaping key areas of tax planning. These changes affect both taxpayers and employers, highlighting the importance of proactive strategies and careful tax planning.
Charitable contribution and scholarship tax rules are evolving under the OBBBA. The latest updates establish permanent deduction limits, universal deductions, and new federal credits that encourage more intentional and rewarding giving.
The One Big Beautiful Bill Act (OBBBA) significantly broadens how families can use 529 education savings plans—covering K–12, homeschooling, and career training expenses. These updates give parents and students greater flexibility to align long-term savings with today’s diverse education and career paths.
Updates to the American Opportunity and Lifetime Learning Credits under the OBBBA modernize education-related tax benefits. Increased refund limits, expanded eligibility, and inclusion of digital learning expenses make these credits more inclusive and practical for today’s learners.
Under the OBBBA, taxpayers purchasing new, U.S.-assembled vehicles can deduct up to $10,000 in car loan interest annually from 2025 through 2028. This new provision encourages both smarter financial planning and stronger domestic vehicle production.
The One Big Beautiful Bill Act (OBBBA) permanently sets the mortgage interest deduction limit at $750,000 and expands the deduction to include qualified mortgage insurance. Understanding these changes can help homeowners make smarter tax planning decisions.
As Basswood Counsel marks its first anniversary, we reflect on a year of growth, collaboration, and deep gratitude—for our clients, our team, and the community that believed in our vision. In building a firm from the ground up, we’ve remained committed to delivering big law quality with boutique attention, and to being true partners in your business journey.
The U.S. is fast-tracking its crypto regulation under the Trump Administration and SEC Chairman Paul Atkins, moving from enforcement to strategic clarity. With the GENIUS and CLARITY Acts, America is positioning itself as the global crypto capital through a coordinated federal approach to innovation and investor protection.
The U.S. is fast-tracking its crypto regulation under the Trump Administration and SEC Chairman Paul Atkins, moving from enforcement to strategic clarity. With the GENIUS and CLARITY Acts, America is positioning itself as the global crypto capital through a coordinated federal approach to innovation and investor protection.
Recent U.S. tariff changes are sending ripples across international markets, prompting businesses to reassess global trade strategies. Learn how these policies affect prices, supply chains, and tax planning opportunities.
Trump Accounts, introduced under the One Big Beautiful Bill Act, provide families with a new savings tool that combines tax benefits and long-term planning opportunities. Learn how parents, employers, and even charities can contribute, and why this provision may be a valuable addition to your family’s financial strategy.
Reforms introduced under the OBBBA include permanent increases, expanded eligibility, and higher credit rates to help offset rising childcare costs. U.S. families abroad may also benefit, making childcare more affordable at home and overseas.
Several key credits — including EV, residential solar, and energy-efficient home improvements — will now expire as early as 2025. While some incentives like the Clean Fuel Production Credit are extended, new restrictions and compliance rules mean businesses and consumers must act quickly to maximize benefits.
